More than 96% of UAE corporate clients use digital payments, reports Emirates NBD

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  • Trade finance requests received through digital channels increased 2.5 times to date since 2019
  • Clients are provided access to digital channels, as soon as they are onboarded
Anith Daniel, Group Head of Transaction Banking Services, Emirates NBD Corporate and Institutional Banking

Dubai, UAE: The Corporate and Institutional Banking division of Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has reported an increased preference for digital banking amongst its clients, with more than 96% relying on the bank’s digital platforms for all payment transactions and more than 99% processing their payrolls digitally as of September 2021.

Supported by a continued focus on technology led corporate banking solutions, the bank has also witnessed an overall increase in client onboarding volumes, with more than 40% increase in client onboarding for the first nine months of 2021 as compared to the same period in 2019. 

Emirates NBD’s corporate digital banking platform businessONLINE has been designed to simplify working capital management, streamline complex operations, and offer corporates full visibility across financial relationships, accounts, and activities, delivering a single view across all their markets. The bank recently enhanced its digital banking suite with offerings such as Virtual Accounts, Liquidity Management, API Banking and Digital Supply Chain Finance, empowering businesses to monitor cash flows in real time and respond to rapid changes in the macro landscape. 

Emirates NBD has also witnessed an overall increase in transactions on its digital trade finance platform, smartTRADE. Trade finance requests received through the platform increased 2.5 times in the same period, as clients preferred to use digital channels over branch counters for their trade finance requirements. In 2020, the bank launched its first-to-market solution that digitizes processing of inward guarantees using Robotics Processing Application and Machine Learning that has enabled multiple government clients to manage 100% of their inward guarantees digitally using smartTRADE, thereby eliminating paper usage and driving Straight Through Processing. 

Emirates NBD was the first in the region to offer digital supplier onboarding on its digital supply chain platform – smartSCF. With the recent addition of dynamic discounting on smartSCF, Emirates NBD is also the first UAE bank to offer the option of discount bidding to suppliers registered with a company on the platform. 

Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate & Institutional Banking, Emirates NBD said: “As part of our vision to be the most innovative bank for our clients, we are continuously creating relevant solutions that empower businesses and enhance their banking experience. We have encouraged, advised, and supported our clients through this step-by-step transformation, making the transition as seamless and exciting, as possible. We will continue the end-to-end digitization of corporate banking with support from our internal teams and technology partners. With UAE achieving the prestigious 10th rank in the World Digital Competitiveness index in 2021, we look forward to further supporting the nation’s drive towards digitisation in all aspects of business.”

Anith Daniel, Group Head of Transaction Banking Services, Emirates NBD Corporate and Institutional Banking, said: “Our enhanced digital product suite has supported UAE businesses in their transition towards a more digital and efficient direction. We remain committed to supporting our clients by offering innovative Trade finance, Supply Chain finance and Cash management solutions that help them conduct their business more efficiently and we look forward to leading new initiatives that help us facilitate efficient working capital management and create rewarding client experiences.”

About Emirates NBD:

Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Turkey) region with a presence in 13 countries, serving over 14 million customers. As of 30th September 2021, total assets were AED 699 Billion, (equivalent to approx. USD 190 Billion). The Group has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 906 branches and 4,084 ATMs / SDMs. s

Emirates NBD Group serves customers, businesses, governments and institutions with a range of financial products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. 

The Group is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Group also operates E20., a digital business bank for entrepreneurs and SMEs and Liv., the lifestyle digital bank for millennials. Emirates NBD is an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial literacy and the inclusion of people with disabilities. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.s